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“In both, we’ll work hard to improve our cost efficiency. We won’t tolerate our current performance in mobile, or as a group. We know we can do a lot better.”

The store closures will add to the pain on the high street, with Dixons Carphone adding its name to the long list of retailers – Carpetright, Mothercare, Byron and others – to have shuttered outlets in the face of falling consumer confidence.

Mr Baldock added that he is renegotiating contracts at Carphone Warehouse with the aim of “improving our business model”, while also pointing to a difficult electricals market.

Woman using mobile phone (Image: MaxPixel)

Shares tumbled over 20% in morning trade as the company also updated the market on trading.

Dixons Carphone said total revenue rose 3% in the year to April 16, while like for like sales were up 4%.